Why Doing Good is Good for Business - The 7 Most Socially Responsible Companies

Summary

This video from Grow Ensemble highlights seven socially responsible companies setting benchmarks in ethical business practices. Brands like Tony's Chocolonely, combating child labor in cocoa production, and Greyston Bakery, with its open hiring policy, are featured. Others include Bombas, Dean's Beans, Lisa, Thrive Market, and Eileen Fisher, each with unique missions to improve social and environmental standards. The video encourages viewers to explore more about these companies and engage in discussions on social responsibility in business.

Takeaways

• 🌍 Tony's Chocolonely was founded by Dutch journalist Toon van de Keuken after discovering the extent of legal child labor in cocoa farms and aims to make the chocolate industry 100% slave-free.
• 📈 Tony's Chocolonely has been transparent about their learning process, failures, and challenges in their pursuit to improve fair trade certification and ensure a living income for farmers.
• 🏭 Greyston Bakery has an open hiring policy since 1982, offering employment without background checks or resumes, and has created the Greyston Center for Open Hiring to support inclusive hiring practices.
• 🐝 Bombus follows the 'Bumblebee Way of Life' and has donated over 47 million pairs of socks to those in need through their 'buy one, give one' model, addressing the high demand for socks in homeless shelters.
• ☕ Dean's Beans is a coffee company founded by an indigenous rights and environmental lawyer, focusing on direct relationships with growers, fair trade, and sustainable development in coffee-growing regions.
• 🛏️ Lisa mattresses operates on a 'buy one, give one' model, donating a mattress to a family in need for every 10 sold, aiming to end childhood bedlessness.
• 🍏 Thrive Market's mission is to make natural and organic foods more accessible, offering memberships to low-income families, teachers, students, or first responders for every membership purchased.
• 🌱 Eileen Fisher has a long-standing commitment to social consciousness, with an employee stock ownership program, transparency in supply chain, and a focus on sustainability and human rights.
• 👗 Eileen Fisher's brand is valued at $400 million and is privately owned, with 40% of the company owned by employees, emphasizing the importance of staying true to their values.
• 🔄 The company has a strong environmental commitment, collecting over 1.5 million garments for resale or remaking since 2009, and using sustainable materials like organic cotton and regenerative wool.
• 📊 Eileen Fisher's supply chain is regularly audited by third parties and undergoes internal social life cycle assessments to ensure there are no issues such as human trafficking or slavery.

Q & A

What is the unique hiring policy of Greyston Bakery?

Greyston Bakery has an open hiring policy, meaning they hire anyone who walks through their doors and wants a job without requiring a resume, background checks, or any questions.

What was the founding principle behind Tony's Chocolonely?

Tony's Chocolonely was founded by Dutch journalist Toon van de Keuken after he was shocked by the extent of legal child labor on cocoa farms. He aimed to produce chocolate that was 100% fair trade and 100% slave-free.

How does Tony's Chocolonely address the issue of slave labor in the cocoa industry?

Tony's Chocolonely addresses the issue by launching a research project in Africa to study the cocoa industry's supply chains and improve fair trade certification. They also introduced a premium that pays 25% higher than fair trade prices to ensure farmers make a living income.

What is the 'Bumblebee Way of Life' that Bombus follows?

The 'Bumblebee Way of Life' that Bombus follows is based on the idea that many small actions add up to make a remarkable collective achievement. Bombus donates a pair of socks for every pair purchased to someone in need.

How does Dean's Beans support sustainable change in coffee-growing regions?

Dean's Beans supports sustainable change by maintaining long-standing relationships with coffee growers, paying a fair price for beans, redistributing profits back to the growers, and engaging in people-centered development programs that are invited by local communities.

What is the 'One Good Bed' promise of Lisa mattresses?

Lisa's 'One Good Bed' promise is a buy-one-give model where for every 10 mattresses sold, they donate one to a family in need, aiming to end childhood bedlessness.

What is Thrive Market's approach to making organic and natural foods more accessible?

Thrive Market offers a low price promise, where they price match every product found on their marketplace. They also provide memberships to low-income families, teachers, students, or first responders for every membership purchased.

How does Eileen Fisher demonstrate social consciousness in the fashion industry?

Eileen Fisher demonstrates social consciousness by having a transparent supply chain, valuing employee ownership with a stock ownership program, and committing to using sustainable materials and practices in their garments.

What is the significance of Eileen Fisher's employee stock ownership program?

The employee stock ownership program allows Eileen Fisher employees to own 40% of the company, started in 2006, enabling them to cash out their stock upon retirement or when leaving the company.

How does Bombus ensure the socks they donate are suitable for those in need?

Bombus designs their socks with reinforced seams, anti-microbial treatment, and darker colors to show less visible wear, specifically addressing the needs of individuals experiencing homelessness.

What is the 'Mission Task Force' program at Thrive Market?

The 'Mission Task Force' program at Thrive Market involves selecting employees every six months to allocate 10% of their weekly work time towards impact-related activities, promoting social and environmental responsibility within the company.